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Grab ties up with MasterCard to offer virtual pre-paid debit

Grab partners with MasterCard as they expand their payment firm and plans to introduce pre-paid debit that can be used widely.

Grab, is not only a ride-hailing firm but also a fintech player too as the company took a major step expanding their payment firm last year. Again, Grab’s fintech division will be having a major boost as they announced their plans to partner with MasterCard.

MasterCard is a leading global payments and technology company that connects consumers, business, merchants, issuers and governments around the world. Grab plans to bring a virtual pre-paid debit in the industry together with MasterCard.

The partnership also makes GrabPay a step towards the payment network. Grab’s prepaid push in the region could make a big difference and will give a large number of Southeast Asia’s 650 million population to have a debit card for the first time.

Reuben Lai, senior managing director at Grab Financial said that they see GrabPay as a glue that goes that Grab Pay users are more likely the ones that use Grab.

If successful, Grab will be the first payment network to cover more than a hundred million consumers. Though not all consumers are pleased with the efforts of Grab, the company is still confident that the MasterCard venture will work as MasterCard’s potential was useful.

GrabPay can already exist as a standalone firm. From being a bare system that lets users pay taxi using credit to one that could be used more widely as a digital payment is a big accomplishment for Grab.